Poniard Analyst Trumps Colorectal Cancer Study News (PARD)

Posted in pre-market 
January 25th, 2010

Poniard Pharmaceuticals, Inc. (NASDAQ: PARD) is down despite what appears to be some positive internal news.  Its Phase 2 trial of picoplatin in metastatic colorectal cancer patients met its primary objective as picoplatin in combination with a FOLPI regimen was associated with a statistically significant reduction in neurotoxicity when the results were compared to oxaliplatin given in combination with a FOLFOX regimen.  The results also suggested that FOLPI had similar efficacy to FOLFOX.  The problem is that Canaccord Adams cut its rating down to SELL from HOLD.

Shares closed Friday at $2.61, but are down over 13% at $2.26 on 932,399 shares in pre-market trading as of 8:48 AM EST.


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